Ethereum Price began a new decrease below the $ 4,550 zone. ETH is now trying a recovery and could face obstacles near the area of $ 4,420.
- Ethereum is still struggling to recover above the $ 4,500 zone.
- The price is quoted below $ 4,500 and the single mobile average of 100 hours.
- There is a key line of bearish trend that is formed with resistance at $ 4,430 in the ETH/USD -hour graph (data food through Kraken).
- The torque could begin a decent increase if there is a closure above the level of $ 4,450 in the short term.
Ethereum Price Eyes Constant Increase
Ethereum Price began a recovery wave after he tested the $ 4,220 area, such as Bitcoin. ETH Price was able to rise above the resistance levels of $ 4,280 and $ 4,320.
The price exceeded the FIB decrease level of 50% of the recent decrease in the swing of $ 4,491 to the maximum up to the minimum of $ 4,213. A base seems to be forming above the level of $ 4,200, but the bears could remain active above the resistance zone of $ 4,400.
The price of Ethereum is now quoted below $ 4,450 and the simple average of 100 hours. In addition, there is a key bearish trend line that is formed with resistance to $ 4,430 in the ETH/USD -hour graph.
On the positive side, the price could face resistance near the level of $ 4,385 or the FIB recoil level of 61.8% of the recent decrease in swing of $ 4,491 to the minimum of $ 4,213. The next key resistance is close to the level of $ 4,400 and the trend line. The first important resistance is close to the level of $ 4,430.
A clear movement above the resistance of $ 4,430 could send the price to the resistance of $ 4,500. An upward break over the resistance of $ 4,500 may require more profits in the next sessions. In the established case, Ether could rise to the resistance zone of $ 4,550 or even $ 4,580 in the short term.
Another decrease in ETH?
If Ethereum cannot eliminate the resistance of $ 4,430, it could continue to fall. The initial support at the disadvantage is close to the level of $ 4,320. The first important support is close to the $ 4,250 zone.
A clear movement below the $ 4,250 support could boost the price towards the $ 4,200 support. More losses can send the price to the support level of $ 4,160 in the short term. The following key support is at $ 4,120.
Technical indicators
Macd per hour – The MACD for ETH/USD is gaining impulse in the upward zone.
RSI per hour – The RSI for ETH/USD is now above zone 50.
Important support level: $ 4,250
Greater resistance level: $ 4,430
